Zacks Investment Research upgraded shares of PetroChina (NYSE:PTR) from a hold rating to a buy rating in a report published on Tuesday. They currently have $83.00 target price on the oil and gas company’s stock.

According to Zacks, “ADRs of PetroChina have declined 3.3% over the last year, underperforming the Zacks International Integrated Energy industry, which has gained 16.5% over the same period. But with higher commodity prices and operational efficiency helping the state-run giant report strong Q3 results, the stock might return to favor. A tight leash on oil and gas lifting expenses that decreased 1.9% from the same period last year, also helped results. The energy titan also experienced strong natural gas demand, while operational optimization helped control costs. Being one of the two Chinese integrated oil firms, PTR is already well-positioned to capitalize on the country’s favorable trends. In particular, we like its robust portfolio of assets and strong balance sheet, which make it better suited to handle erratic market conditions than most of its peers Consequently, we think PTR offers substantial upside potential from the current price levels.”

A number of other equities research analysts also recently issued reports on PTR. Macquarie downgraded PetroChina from an outperform rating to a neutral rating in a research report on Tuesday. Morgan Stanley downgraded PetroChina from an overweight rating to an equal weight rating in a research report on Tuesday, January 2nd. Finally, Nomura began coverage on PetroChina in a research report on Wednesday, December 6th. They set a buy rating for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $83.00.

PetroChina (PTR) traded up $0.57 during mid-day trading on Tuesday, reaching $76.84. The company’s stock had a trading volume of 104,129 shares, compared to its average volume of 84,631. PetroChina has a 1 year low of $60.69 and a 1 year high of $81.80. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.56 and a current ratio of 0.79. The stock has a market capitalization of $139,590.11, a P/E ratio of 33.31 and a beta of 1.25.

Several institutional investors and hedge funds have recently modified their holdings of PTR. Arrowstreet Capital Limited Partnership acquired a new position in shares of PetroChina during the second quarter worth about $8,506,000. BT Investment Management Ltd acquired a new position in shares of PetroChina during the second quarter worth about $6,507,000. Renaissance Technologies LLC lifted its stake in shares of PetroChina by 18.7% during the second quarter. Renaissance Technologies LLC now owns 396,700 shares of the oil and gas company’s stock worth $24,310,000 after purchasing an additional 62,600 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of PetroChina by 3,221.6% during the second quarter. JPMorgan Chase & Co. now owns 46,104 shares of the oil and gas company’s stock worth $2,825,000 after purchasing an additional 44,716 shares in the last quarter. Finally, Sei Investments Co. lifted its stake in shares of PetroChina by 6,949.6% during the third quarter. Sei Investments Co. now owns 33,133 shares of the oil and gas company’s stock worth $2,124,000 after purchasing an additional 32,663 shares in the last quarter. Institutional investors own 0.20% of the company’s stock.

ILLEGAL ACTIVITY WARNING: This news story was published by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this news story on another domain, it was stolen and reposted in violation of United States & international trademark and copyright law. The original version of this news story can be viewed at https://www.thecerbatgem.com/2018/01/13/petrochina-ptr-upgraded-to-buy-by-zacks-investment-research.html.

About PetroChina

PetroChina Company Limited is a China-based company principally engaged in the production and distribution of oil and gas. The Company mainly operates through four business segments. The Exploration and Production segment is principally engaged in the exploration, development, production and sales of crude oil and natural gas.

Get a free copy of the Zacks research report on PetroChina (PTR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for PetroChina (NYSE:PTR)

Receive News & Ratings for PetroChina Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PetroChina and related companies with MarketBeat.com's FREE daily email newsletter.